Oil Prices Rise as Brent Climbs to $72.49

Abu dhabi: Oil prices opened the week higher on Monday, with both Brent crude and US West Texas Intermediate (WTI) posting gains. Brent crude futures rose 50 cents, or 0.69 percent, to $72.49 a barrel by 2204 GMT, while US WTI crude futures gained 73 cents, or 1.05 percent, to $69.96 a barrel.

According to Emirates News Agency, oil prices were supported by renewed concerns over supply disruptions following fresh military exchanges between the United States and Iran, which heightened uncertainty over shipping through the Strait of Hormuz.

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